Amara Raja Energy & Mobility has released the audio recording of its earnings call held on May 26, 2026, accessible on the company's official investor relations website. The disclosure provides detailed insights into the company's financial guidance, capital expenditure plans, and operational outlook across its lead-acid and new energy businesses. This intimation follows an earlier notice dated May 21, 2026, and was filed in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with the National Stock Exchange of India Limited and BSE Limited.

Capital Expenditure Plans for FY '27

Amara Raja has outlined a significant capital expenditure programme for FY '27, with total planned spending ranging between INR 1,500 crores and INR 1,700 crores. The allocation reflects the company's dual focus on sustaining its traditional lead-acid battery business while aggressively scaling its new energy segment.

Margin Targets Across Business Segments

Management shared specific margin guidance for each of its key business verticals. The new plant is expected to commence operations with initial EBITDA margins of 6% to 7%, with room for improvement as the facility scales. The new energy business is targeting EBITDA margins of 10% to 11% at scale. Despite lead prices hovering around INR 200,000, the company's long-term margin goal for its lead-acid business remains unchanged at 13% to 14%.

Growth Outlook and Production Milestones

The lead-acid battery business is set for mid- to high-single-digit growth in FY '27, with the industrial segment also expected to grow at high-single-digits. On the new energy front, the company's first gigawatt-hour Giga-1 line is scheduled to commence production in June 2027, while production at the LFP (lithium iron phosphate) plant is expected by 2028 or later.

Access Details

The audio recording is hosted under the Earnings Calls section of the company's website, with a dedicated link directing users to the relevant content page. The communication was signed by Vikas Sabharwal, Company Secretary & General Counsel of Amara Raja Energy & Mobility Limited.

JPMorgan has maintained its Neutral rating on amara raja energy & mobility , assigning a target price of ₹855. The brokerage characterised the latest quarter as mixed, pointing to an EBITDA beat that was offset by a miss on margins and adjusted profit after tax (PAT).

Mixed Quarter Performance

The quarter delivered a split outcome for Amara Raja Energy & Mobility, with EBITDA coming in ahead of expectations while margins and adjusted PAT fell short. JPMorgan noted that this divergence between headline earnings and underlying profitability metrics reflects the complexity of the current operating environment.

The key financial assessment from JPMorgan is summarised below:

Key Monitorables

JPMorgan highlighted several factors that will be critical to watch in the periods ahead. These include:

• Demand growth — the trajectory of volume and revenue expansion across the company's business segments
• Cost outlook — the evolution of input costs and their impact on profitability
• Margin trajectory — the path toward margin recovery or stabilisation given the current miss

Analyst Outlook

With downward EPS revisions anticipated, JPMorgan's Neutral stance reflects a cautious view on near-term earnings momentum. The brokerage's assessment underscores that while certain operational metrics showed resilience, the shortfall in margins and adjusted PAT warrants close monitoring. The identified monitorables—demand growth, cost outlook, and margin trajectory—will be central to any reassessment of the company's earnings profile going forward.